§ 78-111. Expenditures of collected funds.

(a)

Special fund. There is hereby established a special fund for the deposit of all sums paid in lieu of parkland dedication under this article. This fund shall be known as the parkland dedication fund. Monies may be expended from this fund only for the purchase, lease or other acquisition of parkland and open space; the improvement, preparation and maintenance of such areas and sites; the installation of utilities to such sites; the construction of landscaping, play equipment or recreational improvements on such sites; or attendant engineering and planning costs associated with such park activities. Monies placed in this fund may not be utilized for any other general business activity of the city. All expenditures from this fund shall be made in accordance with the city's park and recreation plan and shall be approved by the city council.

(b)

Right to refund. The city shall account for all sums paid in lieu of parkland dedication under this article with reference to the individual plats involved. Any funds paid for such purposes must be expended by the city within ten years from the date received by the city for acquisition and/or development of neighborhood parks as defined herein. Such funds shall be considered to be spent on a first in, first out basis. If not so expended, the subdivider or the owner of the subdivision on the last day of such period shall be entitled to a pro rata refund of such sum, computed on a square footage or area basis. The owners of such property must request such refund within one year of entitlement, in writing, or such right shall be forfeited.

(c)

Geographic limits of use of funds. All funds accumulated through the payment of cash in lieu of parkland dedication shall be identified as being attributable to the neighborhood park zone where the subdivision is located, and shall be so designated in the parkland dedication fund. All expenditures from the parkland dedication fund shall be expended only for land or improvements within the zone from which received, with the following exception: When the city council determines that existing conditions preclude the effective acquisition and/or development of parkland and/or recreation facilities, such as a lack of undeveloped sites, the funds collected from one zone may be expended in a contiguous zone only. But in no case shall the funds be expended at distance greater than one mile from the boundary of the zone from which the funds were collected.

(d)

Contributions by individual organizations. Any individual organization or entity desiring to make a contribution to the park and recreation system of the city may contribute funds to be placed in this account. Once funds have been placed in this specific account, they are bound by the restriction on use of funds paid as a fee dedication requirement.

(Code 1973, § 17-46; Ord. No. O-15-94, § 6, 4-25-94)